Salem, Oregon-based Willamette Valley Bank is exiting the residential mortgage lending business, citing intense competition and a prolonged high interest rate environment. The bank announced Thursday that its mortgage operations will cease on March 31.

President and CEO Ryan Dempster said the residential mortgage industry has undergone significant changes in recent years, including the rise of online and nonbank lenders and an extended period of elevated interest rates.

“These conditions have made it increasingly difficult for community financial institutions to compete sustainably in this segment,” Dempster said in a statement. “We remain focused on commercial banking and continue serving the details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com